Hasbro expected declines in the first nine months of this year after the business surge in the corona pandemic – but it is now clear that the “headwind” will continue into 2024, wrote company boss Chris Cocks in an email to employees on Monday. 1,100 jobs are to be cut. 200 of these job cuts come from a reduction of 1,000 jobs that was announced at the beginning of the year but was not fully implemented.
Hasbro produces, among other things, Play-Doh dough, board games like Monopoly and characters like My Little Pony and Transformers. As for its major rival Mattel, Hasbro is faced not only with falling spending on toys after the pandemic boom, but also with the general changing interests of children with the rise of video games and smartphones. Mattel benefited this year from the great success of the “Barbie” film, which has also boosted sales of the dolls since the summer.
